Annual Conference

|

Corporate Finance

|

May 2017

We exploit one of the largest data leaks, to date, to study whether and how firms use secret offshore vehicles. From the leaked data, we identify 338 listed firms as users of secret offshore vehicles and document that these vehicles are used to finance corruption, avoid taxes, and expropriate shareh...
Keywords: Panama Papers, tax havens, offshore vehicles, Corruption, tax evasion.
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Investment Finance, Senior Fellows/Fellows

|

May 2017

We provide an easy way to use recent, publicly available U.S. equity transactions data to identify retail purchases and sales. Based on retail order imbalances, we find that retail investors are informed at horizons up to 12 weeks. Individual stocks with net buying by retail investors outperform sto...
Keywords: retail investors, price improvement, return predictability
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Accounting, Senior Fellows/Fellows

|

May 2017

Taking advantage of the mandatory disclosure of detected corporate tax evasions in China, we examine why publicly listed firms evade taxes. Different from most prior studies that focus on corporate income tax avoidance, we consider tax evasions related to both income taxes and non-income taxes. We a...
Keywords: tax avoidance, Tax evasion, China, SOE
  • View
  • Download
  • Bookmark
  •    |   

Specialty Conference

|

Specialty Conference

|

Jan 2017

Keywords: Stijn Claessens (Federal Reserve System)
  • View
  • Download
  • Bookmark
  •    |   

Specialty Conference

|

Specialty Conference

|

Jan 2017

This paper examines whether cross-border capital flows can be regulated by imposing capital account restrictions (CARs) in both source and recipient countries, as was originally advocated by John Maynard Keynes and Harry Dexter White. To this end, we use data on bilateral cross-border bank flows fro...
Keywords: cross-boder bank flows, capital controls, prudential measures
  • View
  • Download
  • Bookmark
  •    |